x Abu Dhabi, UAESunday 23 July 2017

Sabic and Sinopec join to build plastics plant in China

The Wires: Saudi Arabia's Sabic has signed a deal with China's Sinopec to build a polycarbonate plant in Tianjin, China.

RIYADH // Petrochemical giant Saudi Basic Industries Corp says it has signed a deal with China's Sinopec to build a polycarbonate plant with a capacity of 235,000 tonnes per year.

Sabic said on Tuesday that the new facility, which will be built in Tianjin, China, is slated to be operational in 2015.

Sabic, one of the world's largest petrochemical product manufacturers, has already partnered with Sinopec on a massive petrochemical complex in Tianjin that has a capacity of 2.7 million tonnes per year.

The Saudi company's statement did not provide details on the proposed plant's costs, but the project will be funded through a joint investment by the two companies.

Saudi Arabia has been expanding its reach in energy hungry China, a key market for its oil exports.

* Associated Press